Pet Food Market Analysis - Share, Size, and Forecast
Pet Food Market Size
The size of the global pet food market is will witness steady growth during 2018-2022 with significant contribution from the dog and cat food segments. The increasing number of supermarkets, hypermarkets, convenience stores, and other retail chains in developed regions such as North America and the increasing adoption of dog and cat breeds is influencing market growth. During 2018-2022, the global pet food market is expected to grow by USD 28 billion. The market’s growth will also be influenced by the introduction of savory ingredients in pet foods.
The demand for organic pet food will grow at a strong pace, providing ample opportunities for market participants, especially in North America. This region currently dominates the organic pet food market as pet owners increasingly are humanizing their pets, which creates a constant demand for nutrition-based premium pet food. Technavio forecasts the organic pet food market size to surpass USD 13 billion by 2021.
Pet owners in developed countries, particularly in the US are increasingly becoming aware of the ingredients in pet foods that improve the health of their pets. Certain pet owners are preferring customized and human-grade fresh pet foods for their pets. The strong base of supermarkets, hypermarkets, pet-specialty stores and vet clinics in the country is enabling the easy availability of fresh pet food and regular pet food. The US is a key market for pet food and the pet food market in the US will grow by almost USD 8 billion during 2019-2023.
Pet Food Market Insights
- Many millennials are highly aware of the side effects of traditional pet food products. With pet obesity being a major health concern, the demand for gluten-free, grain-free pet food is a major innovation driver in the global pet food industry.
- The growth of e-commerce in pet food packaging is a key trend gaining traction in the market. Online retail sales of pet food products have spurred considerably in recent years owing to the millennial demographic becoming the largest segment of pet owners.
- Pet humanization is one of the primary growth factors for the wet pet food market. Several consumers treat their pets like a family member and are willing to spend a little extra amount on good-quality food, health, and hygiene needs to fulfill their physical and emotional needs. The affection towards the pets influences the amount of expenditure towards fulfilling the needs of the pets.
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Pet Food Market Share and Segmentation
Within our blender market research, we provide deep insights into the blender market landscape, its segments, and their market share. Our blender market segmentation research offerings include:
- Pet Food Market by Animal
- Dog food market
- Cat food market
- Bird food market
- Pet Food Market by Type
- Dry pet food market
- Wet pet food market/canned pet food market
- Pet snacks and treats market
We at Technavio, with our comprehensive understanding of the blender market, have been monitoring the latest industry trends and developments to create an in-depth portfolio of blender market reports. These reports help our clients identify opportunities within the market and develop effective strategies to optimize their market positions. Our blender market reports offer the following insights:
- Pet food market analysis
- Pet food market trends
- Pet food market size
- Pet food market share
- Pet food market growth
- Pet food market forecast
- Pet food industry statistics
